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Viettel to offload entire holding at Vinaconex
Ngoc Mai 11:59, 2018/10/25
The buyer would have to purchase the entire amount at the minimum of VND2 trillion (US$85.65 million), for which the starting price for each share is VND21,300 (US$0.91).
Military-run telecoms group Viettel has decided to offload its entire stake of 21.28% or 94 million shares at Vinaconex, one of Vietnam's leading construction and property development corporations, local media reported. 
 
Illustrative photo.
Illustrative photo.
The buyer would have to purchase the entire amount at the minimum of VND2 trillion (US$85.65 million), for which the starting price for each share is VND21,300 (US$0.91). 

The deadline for registration is from October 25 to November 5, while the auction is scheduled to take place on November 22 at the Hanoi Stock Exchange (HNX). The auction is open to both domestic and foreign investment, but foreign ownership at Vinaconex is capped at 49%. 

Investors in subject have to commit long-term investment in Vinaconex and support the company in further development. 

Previously, State Capital Investment Corporation (SCIC), the Vietnamese government's investment arm, has also decided to offload its entire stake at Vinaconex in the fourth quarter of 2018. 

Under the plan, SCIC will auction nearly 255 million shares, equivalent to 57.71% charter capital of Vinaconex (VND4.41 trillion or US$188.8 million) at the HNX. 

The move is in line with the government's equitization scheme, under which SCIC is scheduled to divest its entire stake in Vinaconex in the 2017 - 2020 period. At the end of 2017, SCIC failed to unload a 22% stake in Vinaconex. 

Vinaconex's market capitalization currently stands at VND8.52 trillion (US$364.62 million). 

In the first six months of 2018, Vinaconex recorded net revenue of VND4.35 trillion (US$186.11 million), up 4% year-on-year, of which the main sources of income were construction activities, real estate development and industrial production. 

Moreover, the company's gross profit declined by 30% in the period to VND450 billion (US$19.25 million), resulting in its pre-tax profit of VND235 billion (US$10.05 million), down 38% year-on-year. 

As of June 2018, Vinaconex's total assets reached VND20.17 trillion (US$862.87 million), down 7.2% compared to the beginning of the year, while the its payables were equivalent to 63% of the total asset value. 

Vinaconex is expected to restructure its investment in 26 subsidiaries and 10 affiliates in the remaining months of the year.
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